Loading chat...
AZ HB2979
Bill
Status
Engrossed
2/26/2026
Primary Sponsor
Justin Wilmeth
Click for details
AI Summary
- Allows credit unions to issue shares without a fixed par value, giving flexibility in how membership shares are structured and valued
- Establishes specific response timelines for the deputy director: 10 business days to acknowledge receipt of requests for bylaw amendments, name changes, or location changes, with decisions required within 30-60 business days
- Permits Arizona state-chartered credit unions with insured accounts to exercise the same rights, powers, and privileges as out-of-state credit unions with prior deputy director approval
- Removes the requirement that credit unions cannot delegate the exercise of general powers to non-employees, retaining only the prohibition on delegating overall management without approval
- Changes credit committee approval requirements so that majority vote is specifically needed for appeals rather than for all loan approvals, streamlining the loan approval process
Legislative Description
Credit unions; certificates; powers; committee
Committee
Last Action
Senate FIN Committee action: Do Pass, voting: (7-0-0-0)
3/16/2026
Committee Referrals
Rules3/9/2026
Finance2/26/2026
Rules2/9/2026
Commerce2/9/2026
Full Bill Text
No bill text available